New Technologies like Artificial Intelligence (AI), Data Analytics, healthcare reforms have caused the Pharmaceutical Industry to undergo a lot of changes in their operations. A shoot in compliance requirements and other operational costs can be seen due to increased scrutiny by regulatory authorities such as Central Drugs Standard Control Organization (CDSCO) in India, Food & Drug Administration (FDA),USA etc.
Two of the many concerns of any Pharmaceutical company is to achieve greater operational efficiency and lower operating costs.
This further gets complicated by managing a diverse portfolio that ranges from patents and opposition to providing advice and opinions and managing contractual obligations and compliances.
Pharma Industries need to keep a track of and navigate increasing compliance, complex supply chains with contracts and ensure successful execution of these transactions.
Further, a lack of nimbleness makes it difficult for the company to respond in a dynamic regulatory and commercial environment.
Moreover, manual agreement and contract drafting eat up a lot of time as well as affecting the overall productivity and efficiency of the department.
TLC’s Contract Lifecycle Management (CLM) Software helps in achieving standardizing, streamlining, and automating the contract initiation, creation, and execution process through one single platform to get the overall insight of the entire departmental work.
The platform helps in automatic reminder for renewals, automatic invoicing, customization of documents cloud space, dedicated legal support on the go, Online Mediation for Settling Contractual disputes to keep business transactions intact.